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Thursday, December 2, 2021

Solana Has Recorded The Largest Inflows Amongst All Funds

Solana, the main competitor of Ethereum, has been witness to the largest inflows of funds that have taken place in the entire market of cryptocurrency. Incidentally, the last few weeks have already witnessed a solid price action, which has further led to a massive increase in the assets which are under management to a sum of $57.3 billion- which has been the highest record since the middle of May. 

Solana Recorded Higher Inflows Than ETH

Just the previous week, the funds in cryptocurrency saw a net inflow of around $21 million, which took the total asset under management to a sum of $57.3 billion- that was inundated with the market recovery from earlier losses.

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This level has definitely been the highest in a long period of time, ever since the markets of cryptocurrency got corrected. The early week saw the first inflows getting recorded over six different consecutive weeks of outflows- amongst which Solana has been the highest. 

The funds in North America have gone ahead and continued to post massive outflows, while the funds in Europe went ahead with inflows. According to CoinShares, this divergence was the direct result of a change in the cryptocurrency sentiment- which also includes Solana.

Ethereum went on to witness minor inflows in the range of $3.2 million last week, whereas Cardano posted much higher- $6.4 million. Solana saw the largest inflows of any other cryptocurrency for the week, where it posted around $7.1 million. 

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The price of Solana increased by around 270% from the low of the 20th of July, where it reached its record high of $81.98 on the 21st of August. While SOL has been moving at a steady pace, it is still ready to climb up to a sum of $100. In order for the cryptocurrency to reach higher levels, the price of SOL has to reach above its all-time high at $81.98 and flip the resistance. 

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